governor tarullo is our representative of the fsb. >> governor tarullo is our representative and not you? has he consented as far as you know? >> he may well have been involved in those discussions and consented. you would have to pose that question to him. >> okay. he doesn't come up to testify. that was one of the provisions of our bill to see whether we could get him to come up here to testify on that section, but okay. do you believe that, speaking of -- sort of speaking of which, over with regard to fsoc, we sent a letter to the head of the new york fed, dudley, with regard to his involvement with fsoc. he's an active participant, is my understanding. is that correct, with fsoc? >> i believe he has the status of observer. >> well, my understanding is that you have given him active participation status. is that correct or is he just an observer? >> i am not in a position to make any rules about who can or cannot attend fsoc. those are done by the leadership which -- >> well, you allow him to attend. would you allow members of this committee to attend? >> it was not my decision. >

i'm dana perino, along with tarullo, bob beckel, greg gutfeld and eric bolling. we're in new york city and this is "the five." if you asked president obama about the security situation around the globe here's what he would tell you. >> you have to choose any moment to be born in human history you choose this time. the world is less violent than it has ever been. >> that was rockets falling down on israel, civil war in syria and civil war in ukraine. ed henry asked the press secretary about the claim and wasn't expecting this response. >> how does the white house react to the notion that the president is a bystander in these crises. >> there's a number of situations in which you've seen this administration intervene in a meaningful way. it has substantially furthered american interests and improved the, you know, the tranquility of the global community. >> "the washington post" is taking note. dana millbank says where? tranquility? where, in iceland. david ignay show us calls obama's foreign policy overly cautious. ron fournier says band liens on three words that

i'm dana perino, along with tarullo, bob beckel, greg gutfeld and eric bolling.york city and this is "the five." if you asked president obama about the security situation around the globe here's what he would tell you. >> you have to choose any moment to be born in human history you choose this time. the world is less violent than it has ever been. >> that was rockets falling down on israel, civil war in syria and civil war in ukraine. ed

i absolutely strongly support governor tarullo. i think that is the right direction to go but i think you need to distinguish between deposit and non-deposit funding in analyzing what he is talking about. >> changing the nature of banking which is what is happening, we're changing how banks are regulated, how banks are funded, that is going to result in different impacts on the economy. so as a general matter i'm not saying it's not appropriate but no free lunch. there will be higher costs of borrowing, higher costs of credit. maybe that is good but it is going to be impact. i don't think it is good but will be an impact. we can have that model but it is not free. >> excellent. like to thank each of the panelists. thank you so much. [applause] >> we have more from this banking conference. financial services roundtable president tim pawlenty to joined by fdic chair thomas hoenig to discuss whether the 2010 dodd-frank law low otherred financial risk to the financial system imposed by a failed bank. >> great pleasure to be here and ho

i'm dana perino, along with tarullo, bob beckel, greg gutfeld and eric bolling."the five." if you asked president obama about the security situation around the globe here's what he would tell you. >> you have to choose any moment to be born in human history you choose this time. the world is less violent than it has ever been. >> that was rockets falling down on israel, civil war in syria and civil war in

so i absolutely strongly support governor tarullo. i think that is the right direction to go. but i think you need to distinguish between deposit and than-deposit funding. >> we're changing the nature of banking, how banks are regulated, how banks are funded. that is going to result in different impacts on the economy. so as a general matter i'm not saying it's not appropriate, but no free lunch. there's going to be higher costs for borrowing, higher costs for credit. maybe that's good, but it's going to be an impact. i don't think it's good, but it's going to be an impact. so we can have that model, but it's not free. >> excellent. well, like to thank each of the paneltists, thank you so much. -- panelists. thank you so much. [applause] >> my first reaction was surprise because i had worked for mr. sterling. i'd coached the clippers in the year 2000. he invited me to his tower's wedding. i -- to his daughter's wedding. i had no idea exactly what was going on. but i also because of my association i know elle gin baylor, i know what he was complaining about. so i was confused n

tarullo is the federal reserve representative to the financial stability board. you are his boss.he chairman of the federal reserve. thate to really believe the gentleman asked on his own without any direction or oversight from you? >> i think the congressman garris that should -- congress men garrett referred to decisions about globally systemic important banks and that occurred before i was chair. i'm sure that he consulted with chairman bernanke he. >> ok. so he is not independent. >> no. the chairman obviously has responsibility. >> just go back to the independence part of the federal reserve from the executive branch, i'm sure that you are of the 15 chairman in the fed's history, that 10 of them have either served at treasury or the white house. it seems to be a revolving door type policy. between the federal reserve and the treasury department. it continues today. the fed staff is going back and forth into the treasury department, including members of the current administration. do you believe that this revolving door poses any risk whatsoever to the fed's independence? >> i